When the lid of the nest box on an ant colony is raised, a whiff of dead cockroach wafts by.

当蚁群的巢箱盖子被揭开时，一股死蟑螂的气息扑面而来。

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With investors across the spectrum searching for high-yielding investments, mortgage REITs like Starwood as well as private-equity funds raised by companies including Colony Capital LLC and Mesa West Capital LLC have been particularly attracted to loans on riskier properties that the banks have eschewed.

WSJ: Deal of the Week: Stepping Into the Yards